Increasing Use of Non-ferrous Materials to Bolster Machine Tools Market in U.S.

Increasing Use of Non-ferrous Materials to Bolster Machine Tools Market in U.S.

Published on : May 10, 2017

Albany, New York, May 10, 2017: The report offers a thorough overview, presenting insights into the major factors that are likely to encourage the growth of the market in the coming years. Additionally, the key segmentation, applications, and the competitive landscape of the machine tools market in the U.S. have been included in the scope of the report. According to the research study, the U.S. machine tools market is anticipated to register a 4.0% CAGR between 2017 and 2021.

The rising use of non-ferrous materials and the advancements in controllers are anticipated to encourage the growth of the machine tools market in the U.S. throughout the forecast period. In addition to this, the emergence of cloud-based machine tools is likely to generate lucrative opportunities for the leading players operating in the U.S. market. These factors are expected to benefit the market players and attract several new consumers in the next few years.

The U.S. machine tools market has been divided on the basis of product type into metal forming machine tools and metal cutting machine tools. In 2016, the metal cutting machine tools led the overall market and is likely to remain in the position in the coming years. The rising rate of adoption of metal cutting machine tools in several industries, including automotive and aerospace is expected to encourage the growth of this segment throughout the forecast period.

Furthermore, on the basis of end use, the market has been categorized into metal fabrication, aerospace, and automotive. In the last few years, the automotive segment held a major share of the overall market and is projected to lead in the next few years. The high growth of this segment can be attributed to the large consumer base, flexible investment structure, and the rising government initiatives. Moreover, the emergence of improved technologies for the rising demand from the automotive sector is predicted to accelerate the growth of the segment in the near future.

The machine tools market in the U.S. is competitive in nature and is expected to witness a potential rise in the number of players in the forecast period. The leading players in the market are emphasizing on research and development activities and innovations in order to sustain in the competitive scenario of the market. In addition, the expansion of the application base and the introduction of new products and solutions are estimated to generate promising opportunities in the coming years.